Britam, a financial services firm based in Kenya, has been looking at purchasing 30 percent holdings in Continental Re Kenya Ltd. According to report from Ventures Africa quoting local news Business Daily’s source, the deal would be worth USD3.5 million.
Continental Re Kenya Ltd. is an arm of Continental Reinsurance. The former has started operating in Kenya last 2012, driven towards getting a strong foothold in the reinsurance industry.
The deal was a smart move for Britam after the reinsurance plans in Kenya’s local Re looms expiration.
Meanwhile, Britam’s Chief Executive Officer Benson Wairegi refused to give statements regarding the acquisition plan.
In 2013, Britam acquired a controlling stake of 99 percent in Real Insurance. The deal was reported to be worth USD16.1 million, said Ventures Africa. Britam’s choice to acquire Continental Re was after the company takes long decisive steps in Kenya.
Continental Re Plc. has wider operations in Africa reaching 46 countries in the region, reported Ventures Africa.
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